Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

422c69323872ede8488c6ce1958927ed9976f9220ea81b1607d8c13839ba7be4

575285eadb0056b14b72fddf1836720b9f3c44ff6d4ffbc240389c725c8c23e6

7912628a65726ca07357d98db373a8bfb9fd86e3db91d6cf71817e5cc830416a

North America

- United States

EMEA

- United Kingdom

- Other Foreign

APAC

Total Revenue

a00380598a2898fa2957ad5c44aa06b476d95a052087e5a2f3899223021f67f9

| Program Details          | Program 1               | Program 2               |
|--------------------------|-------------------------|-------------------------|
| **Approval Date**        | May 18, 2023  **[0001628280-24-044520_nsit-20240930.htm:22]**        | September 11, 2024  **[0001628280-24-044520_nsit-20240930.htm:22]**  |
| **End Date/Duration**    | Substantially exhausted by September 30, 2024  **[0001628280-24-044520_nsit-20240930.htm:22]**  | Not specified  **[0001628280-24-044520_nsit-20240930.htm:22]**        |
| **Total Additional Amount** | $300,000,000  **[0001628280-24-044520_nsit-20240930.htm:22]**       | $300,000,000  **[0001628280-24-044520_nsit-20240930.htm:22]**        |
| **Remaining Authorization Amount** | $0 (fully utilized)  **[0001628280-24-044520_nsit-20240930.htm:22]**  | $300,000,476  **[0001628280-24-044520_nsit-20240930.htm:22]**       |
| **Details**              | Included $100M from prior authorizations  **[0001628280-24-044520_nsit-20240930.htm:22]**  | Offset dilution from warrants; shares to be retired  **[0001628280-23-027052_nsit-20230630.htm:52]** **[NSIT_3307195_3]**  |

822575790aabae89a6d42c68dec64776851343802612e6162087f0a9e219eeb8

dc524eb72e19e0081cfc8337f5f2e2ebeec5966ef8004412ba66c9293bda3c48

Gross Margin Expansion [bps]

Services Margin Expansion [bps]

Product Margin Expansion [bps]

bc5a05ecc6bf3b397bade46d59f03950942261ac40337ec2b10dfb6fbc104d8b

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

1. **Delayed Hardware Recovery**  
   **Q:** What is causing hardware revenue shortfall and outlook?  
   **A:** The hardware market has been challenging to predict, especially in corporate and enterprise segments where we have high revenue concentration.  **[NSIT_3405054_14]**  Both devices and infrastructure sales are significantly below expectations.  **[NSIT_3405054_14]**  We anticipated improved momentum in Q3 and even more in Q4, but this did not materialize.  **[NSIT_3405054_14]**  Due to this, we're adjusting our expectations and foresee sluggish improvement continuing into early 2025.  **[NSIT_3405054_14]** 

2. **SADA Acquisition Impact**  
   **Q:** How is SADA's underperformance affecting results?  
   **A:** We are happy with our acquisition of SADA, especially for our services and Google capabilities, aligning with our multi-cloud strategy.  **[NSIT_3405054_9]**  However, we expected growth from both services expansion (which we are seeing) and resale expansion (which we are not).  **[NSIT_3405054_9]**  The shift in Google's priorities led us to pivot towards corporate and mid-market resale, impacting enterprise large customer resale.  **[NSIT_3405054_9]**  This has affected our Q4, making it dilutive since we won't see the large enterprise deals typical in Q4.  **[NSIT_3405054_10]**  SADA accounts for about one-third of the changes in our revised guidance.  **[NSIT_3405054_11]** 

3. **Gross Margin Outlook**  
   **Q:** Will gross margins be below 19% in Q4?  
   **A:** For Q4, gross margins will be lower than 20% but we do not believe they will be below **19%**.  **[NSIT_3405054_12]**  This decrease is due to both SADA and product mix.  **[NSIT_3405054_12]**  SADA contributes to this because their revenues are 100% gross margin on services, and last year we didn't have SADA in Q4.  **[NSIT_3405054_12]** 

4. **On-Prem Software Decline**  
   **Q:** Why did on-prem software sales decline, especially in EMEA?  
   **A:** Partner consolidation affected some on-prem software, moving us to a netted environment, reclassifying from software to services.  **[NSIT_3405054_13]**  This was a one-time benefit in Q3.  **[NSIT_3405054_13]**  We are seeing a trend towards consumption models and away from enterprise agreements, which we expect to continue.  **[NSIT_3405054_13]**  In EMEA, the same partner consolidation led us to recording revenue as services rather than gross, which drove the revenue decline in software.  **[NSIT_3405054_13]** 

5. **Cost Reduction Plan**  
   **Q:** When will the $20–$25 million OpEx reduction be realized?  
   **A:** We will see a small benefit in Q4 and will fully realize the **$20–$25 million** operating expense reduction in 2025.  **[NSIT_3405054_16]** 

6. **2025 Gross Profit Headwinds**  
   **Q:** How will SADA and Microsoft changes affect 2025 gross profit?  
   **A:** We expect SADA to be a positive contributor next year as we focus on corporate and mid-market customers and grow our services business, though we won't see improvement in enterprise resales from SADA.  **[NSIT_3405054_15]**  Regarding Microsoft's changes, we are aware of potential impacts but it's too early to quantify them; adjustments may take time.  **[NSIT_3405054_15]**  We'll provide more details when we guide for 2025.  **[NSIT_3405054_15]** 

7. **Customer Segment Trends**  
   **Q:** What trends are you seeing between large enterprise and smaller customers?  
   **A:** We are pleased with our cloud growth and core services gross profit growth, which are critical to our strategy.  **[NSIT_3405054_8]**  Our acquisitions have helped us round out our services capabilities and are growing organically compared to previous performance.  **[NSIT_3405054_8]**  We've seen commercial performance grow for two quarters, which is positive since improvements often appear in commercial before translating to enterprise and corporate.  **[NSIT_3405054_8]** 

6d16ad12804fcbfd5623df52563ca1ad10ca9a95d5e3e926b98ea98799b5875a

Insight Enterprises, Inc. (NSIT) is a Fortune 500-ranked solutions integrator that specializes in helping businesses accelerate their digital transformation and maximize the value of technology. The company offers a wide range of IT solutions, including hardware, software, and services, with a strong emphasis on cloud solutions and digital modernization. Operating across North America, EMEA, and APAC, Insight leverages its global scale, local expertise, and e-commerce capabilities to deliver tailored technology solutions to its clients.  **[0001628280-24-006391_nsit-20231231.htm:109]** **[0001628280-24-006391_nsit-20231231.htm:46]** **[0001628280-24-006391_nsit-20231231.htm:7]** **[0001628280-24-006391_nsit-20231231.htm:74]** 

1. **Hardware** - Provides IT hardware solutions, including devices, networking equipment, and other physical technology products, to support business infrastructure and operations.  **[0001628280-24-006391_nsit-20231231.htm:109]** **[0001628280-24-004938_ex-992.htm:14]** 
2. **Software** - Offers software solutions, including licensing, cloud-based applications, and enterprise software, to enable businesses to optimize their IT environments.  **[0001628280-24-006391_nsit-20231231.htm:109]** **[0001628280-24-004938_ex-992.htm:14]** 
3. **Services** - Delivers a range of IT services, including consulting, implementation, and managed services, to help businesses achieve their digital transformation goals.  **[0001628280-24-006391_nsit-20231231.htm:109]** **[0001628280-24-004938_ex-992.htm:14]**

6e1fd02dd957712e6c93850557e27e962679b06d317cdf26ef3a0ee4c83ffe4a

1. The delayed hardware recovery has significantly impacted your performance, particularly in North America with both devices and infrastructure falling short of expectations in large enterprise and corporate client segments. Can you explain why this downturn was not anticipated more accurately, and what measures are being taken to improve forecasting and mitigate future risks?  **[NSIT_3405054_14]** **[NSIT_3405054_1]** 
2. The acquisition of SADA appears to be underperforming expectations, especially regarding enterprise resale growth. With the pivot to focus on corporate and mid-market customers, do you still believe the acquisition will deliver the expected growth, and how are you addressing the challenges associated with this shift?  **[NSIT_3405054_10]** **[NSIT_3405054_11]** **[NSIT_3405054_9]** **[NSIT_3405054_1]** 
3. Your total debt has increased substantially to $1.1 billion from $673 million a year ago due to acquisitions and share buybacks, while adjusted diluted earnings per share have declined. How do you plan to manage this increased debt load while ensuring shareholder value, and are there concerns about the sustainability of your capital allocation strategy?  **[NSIT_3405054_5]** **[NSIT_3405054_6]** 
4. Given the impact of partner consolidation on your on-prem software revenue, notably the decline in EMEA software sales, how are you adjusting your strategy to navigate these changes in partner programs, and what impact do you foresee on your software business moving forward?  **[NSIT_3405054_13]** **[NSIT_3405054_12]** **[NSIT_3405054_1]** 
5. With significant changes in strategic priorities from key partners like Google and Microsoft affecting your cloud and software businesses, how are you aligning your strategy to adapt to these shifts, and what risks do you perceive if these partnerships evolve in ways that are unfavorable to your business?  **[NSIT_3405054_10]** **[NSIT_3405054_15]** **[NSIT_3405054_9]** 

edfff1d7d9541d6f1fba30e42f2923e02deae97acee1d95c077d883603eaf2ed

---

### **Q3 2024 Earnings Call**
- **Issued Period**: Q3 2024  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Gross Profit Growth**: Mid-single-digit range.  **[NSIT_3405054_6]** 
  2. **Gross Margin**: 19% to 20%.  **[NSIT_3405054_6]** 
  3. **Adjusted Diluted EPS**: $9.40 to $9.70.  **[NSIT_3405054_6]** 
  4. **Interest Expense**: $58 million to $60 million.  **[NSIT_3405054_6]** 
  5. **Effective Tax Rate**: 25.5%.  **[NSIT_3405054_6]** 
  6. **Capital Expenditures**: $35 million to $40 million.  **[NSIT_3405054_6]** 
  7. **Average Share Count**: 35.1 million shares.  **[NSIT_3405054_6]** 
  8. **Operating Expense Reductions**: Annualized savings of $20 million to $25 million, with minimal impact in 2024 but full realization in 2025.  **[NSIT_3405054_6]** **[NSIT_3405054_1]** 
  9. **Cash Flow from Operations**: Exceeding $500 million, above the typical $300 million to $400 million range.  **[NSIT_3405054_4]** 
  10. **Exclusions**: Excludes acquisition-related intangible amortization expense of ~$70 million, acquisition-related, severance, restructuring, or transformation expenses, and any meaningful changes in debt instruments or macroeconomic outlook.  **[NSIT_3405054_6]** 

---

### **Q2 2024 Earnings Call**
- **Issued Period**: Q2 2024  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Adjusted Diluted EPS**: $10.60 to $10.90.  **[NSIT_3395664_5]** 
  2. **Interest Expense**: $60 million to $62 million.  **[NSIT_3395664_5]** 
  3. **Effective Tax Rate**: 26%.  **[NSIT_3395664_5]** 
  4. **Capital Expenditures**: $35 million to $40 million.  **[NSIT_3395664_5]** 
  5. **Average Share Count**: 35.1 million shares.  **[NSIT_3395664_5]** 
  6. **Gross Profit Growth**: Low double-digit range.  **[NSIT_3395664_4]** 
  7. **Gross Margin**: 19% to 20%.  **[NSIT_3395664_4]** 
  8. **Cash Flow from Operations**: Higher end of $300 million to $400 million range.  **[NSIT_3395664_4]** 
  9. **Stock Repurchase Program**: Plan to utilize the remaining $165 million under the current program over the next two months.  **[NSIT_3395664_4]** 
  10. **Exclusions**: Excludes acquisition-related intangible amortization expense of ~$69 million, acquisition-related, severance, restructuring, or transformation expenses, and assumes no meaningful changes in debt instruments or macroeconomic outlook.  **[NSIT_3395664_5]** 

---

### **Q1 2024 Earnings Call**
- **Issued Period**: Q1 2024  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Gross Profit Growth**: Mid- to high teens range.  **[NSIT_3382204_4]** 
  2. **Gross Margin**: Approximately 19%.  **[NSIT_3382204_4]** 
  3. **Adjusted Diluted EPS**: $10.60 to $10.90.  **[NSIT_3382204_4]** 
  4. **Interest Expense**: $52 million to $54 million.  **[NSIT_3382204_4]** 
  5. **Effective Tax Rate**: 26%.  **[NSIT_3382204_4]** 
  6. **Capital Expenditures**: $50 million to $55 million.  **[NSIT_3382204_4]** 
  7. **Average Share Count**: 35.3 million shares.  **[NSIT_3382204_4]** 
  8. **Cash Flow from Operations**: $300 million to $400 million.  **[NSIT_3382204_3]** 
  9. **Exclusions**: Excludes acquisition-related intangible amortization expense of ~$60 million, acquisition-related, severance, restructuring, or transformation expenses, and assumes no meaningful changes in debt instruments or macroeconomic outlook.  **[NSIT_3382204_4]** 

---

### **Q4 2023 Earnings Call**
- **Issued Period**: Q4 2023  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Gross Profit Growth**: Mid- to high teens range.  **[NSIT_3373521_6]** 
  2. **Gross Margin**: Approximately 19%.  **[NSIT_3373521_6]** 
  3. **Operating Expenses**: Expected to grow at a higher rate than gross profit.  **[NSIT_3373521_6]** 
  4. **Adjusted Diluted EPS**: $10.50 to $10.80, representing 10% growth at the midpoint.  **[NSIT_3373521_6]** 
  5. **Interest Expense**: $40 million to $42 million.  **[NSIT_3373521_6]** 
  6. **Effective Tax Rate**: 26%.  **[NSIT_3373521_6]** 
  7. **Capital Expenditures**: $50 million to $55 million.  **[NSIT_3373521_6]** 
  8. **Average Share Count**: 35.3 million shares.  **[NSIT_3373521_6]** 
  9. **Seasonality Impact**: Q1 adjusted diluted EPS expected to be flat compared to last year, with Q4 anticipated to be the largest quarter in terms of net sales, gross profit, gross margin, adjusted EBITDA, and adjusted diluted EPS.  **[NSIT_3373521_6]** 
  10. **Exclusions**: Excludes acquisition-related intangible amortization expense of ~$60 million, and assumes no meaningful changes in debt instruments or macroeconomic outlook.  **[NSIT_3373521_6]** 

--- 

This table summarizes the guidance provided in the last four earnings calls.

27d6a642b0283cc9a6f75c16c07870d3f22a814932380d4642e0b23026fe382f

| Name               | Position                                   | Start Date         | Short Bio                                                                                                                                                                                                                     |
|--------------------|-------------------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Joyce A. Mullen    | President and Chief Executive Officer     | January 1, 2022    | Joyce Mullen joined Insight in **October 2020** as President of the North America Region and became CEO in **2022**. She spent **21 years at Dell Technologies** in various roles.  **[0001628280-24-006391_nsit-20231231.htm:17]** **[0001628280-24-014836_nsit-20240404.htm:17]** **[0001628280-23-003850_nsit-20221231.htm:17]**                                  |
| Glynis A. Bryan    | Executive Vice President                  | January 1, 2025    | Glynis Bryan joined Insight as CFO in **December 2007** and transitioned to EVP in **2025**. She previously held CFO roles at Swift Transportation, APL Logistics, and Ryder System.  **[0001628280-24-006391_nsit-20231231.htm:15]** **[0001628280-24-039209_ex102.htm:0]** **[0001628280-23-003850_nsit-20221231.htm:16]**                                 |
| James Morgado      | Chief Financial Officer                   | January 1, 2025    | James Morgado joined Insight in **January 2022** as SVP and CFO for North America. He previously held finance leadership roles at Synopsys and Juniper Networks.  **[0001628280-24-039209_exhibit-991.htm:0]** **[0001628280-24-039209_nsit-20240903.htm:1]** **[0001628280-24-039209_ex101.htm:0]**                                                  |
| Dee Burger         | President, Insight North America          | May 2022           | Dee Burger joined Insight in **2022** after **29 years at Capgemini**, where he held leadership roles in M&A, digital/cloud solutions, and consulting.  **[0001628280-24-006391_nsit-20231231.htm:15]** **[0001628280-23-003850_nsit-20221231.htm:16]**                                                                  |
| Adrian Gregory     | President, EMEA                           | January 2, 2023    | Adrian Gregory joined Insight in **2023**. He previously served as CEO for North Europe and APAC at Atos and held leadership roles at Hewlett-Packard.  **[0001628280-23-014791_exhibit102.htm:0]** **[0001628280-23-003850_nsit-20221231.htm:16]** **[0001628280-22-029346_nsit-20221109.htm:2]** **[0001628280-24-006391_nsit-20231231.htm:16]** **[NSIT_3227435_1]**                                                         |
| Samuel C. Cowley   | SVP, General Counsel and Secretary        | June 2016          | Samuel Cowley joined Insight in **2016**. He previously held General Counsel roles at Prestige Brands Holdings and Matrixx Initiatives, and practiced law at Snell & Wilmer.  **[0001628280-24-006391_nsit-20231231.htm:16]** **[0001628280-23-003850_nsit-20221231.htm:16]** **[0001628280-22-003153_nsit-20211231.htm:14]**                                        |
| Rachael A. Crump   | Chief Accounting Officer                  | September 2023     | Rachael Crump joined Insight in **December 2016** as VP of Finance and became CAO in **2023**. She is a CPA and previously held controller roles at Amkor Technology and other companies.  **[0001628280-24-006391_nsit-20231231.htm:16]**                                  |
| Rob Green          | Chief Digital Officer                     | December 2023      | Rob Green joined Insight in **August 2021** as SVP, eCommerce, and became CDO in **2023**. He previously worked at Amazon and Oracle in various leadership roles.  **[0001628280-24-006391_nsit-20231231.htm:16]** **[0001628280-24-006391_robgreen_decmeber2023agr.htm:0]**                                                       |
| Jennifer Vasin     | Chief Human Resources Officer             | February 2022      | Jennifer Vasin joined Insight in **2002** through its acquisition of Calence LLC. She held various HR leadership roles before becoming CHRO in **2022**.  **[0001628280-24-006391_nsit-20231231.htm:17]** **[0001628280-23-003850_nsit-20221231.htm:17]**                                                                |

7656d73be793eb42f65f9f798f8e4e1eecdb76b547cbcf2120b61d0767bd1d03

- **Acquisitions Expected to Boost Second-Half Performance**: The **Infocenter acquisition** is expected to enhance services gross profit and gross margins, while the **SADA acquisition**, which was **dilutive in the first half**, is anticipated to be **accretive in the second half of the year**, contributing to overall growth.  **[NSIT_3395664_7]**
- **Strong Outlook for Cloud and Services Growth**: The company expects **cloud to continue to be strong**, which has been a **core tenet**, and believes **services will remain strong**, supported by both **acquisitions and organic business**.  **[NSIT_3395664_7]**
- **Emerging Growth in Devices and Infrastructure**: Insight is seeing **"green shoots" in devices**, with **sequential growth and year-over-year improvement**, and anticipates **further improvement in infrastructure** as comparisons become easier in Q4, potentially driving revenue growth.  **[NSIT_3395664_7]**

8e966c8a01c86444163aa31aba140e3a28e300c6ab5ad71d720fbb3794a4fd48

- **Insight Enterprises reported disappointing Q3 results**, with net revenue declining by **8% year-over-year** to $2.1 billion, leading to a reduction in gross profit and adjusted EPS guidance for 2024. Adjusted diluted earnings per share decreased by **8%** compared to the previous year.  **[NSIT_3405054_4]** **[NSIT_3405054_1]**
- **Hardware sales, especially in devices and infrastructure within large enterprise and corporate client segments, fell significantly short of expectations**, and the company anticipates this sluggish demand to continue into early 2025, impacting future revenues.  **[NSIT_3405054_14]**
- **Cloud growth is expected to slow down due to accelerated reductions in SADA resale and potential headwinds from changes with major software partners**, including Microsoft, which may negatively impact gross profit growth in 2025. The company acknowledged that SADA will be dilutive in Q4, with no improvement in enterprise resales anticipated.  **[NSIT_3405054_10]** **[NSIT_3405054_15]**

a344a3517948ed5e7a9a832bf21a975e1a2b3047ff400309635e7c0725a33995

- **Declining hardware revenue and expected softness in infrastructure sales for several quarters, as customers digest previously acquired equipment, indicating potential weakness in a significant revenue segment.**  **[NSIT_3373521_14]** **[NSIT_3373521_10]**
- **Higher operating expenses are expected to grow at a higher rate than gross profit in 2024 due to the SADA acquisition, which could pressure margins and limit earnings growth.**  **[NSIT_3373521_6]**
- **Cautious customer spending and weaker-than-expected budget flush in December, with expectations of a lighter first half of 2024, suggesting near-term challenges in revenue growth.**  **[NSIT_3373521_14]** **[NSIT_3373521_8]**

4f97d8056952ddad6a1a9fcaf1f2bce86d4f053648b16d8602789b4389cd02ed

- **The company lowered its expectations for the second half ramp**, indicating that the **macro environment is not strengthening as anticipated**, especially in **Hardware**. They now believe that **Q2 and Q4 will be more similar in contribution**, rather than expecting a stronger ramp in the second half.  **[NSIT_3382204_6]**
- **Q1 software revenue growth was driven by onetime deals**, particularly in **on-premises software products**, which are **not expected to recur** or be relied upon in future quarters. This suggests that **future software revenue may not match the Q1 pace**.  **[NSIT_3382204_7]**
- There is **continued uncertainty and cautious IT spending**, with **big services engagements and CapEx deals taking longer to close**. The company acknowledged that **anticipated improvements in demand have not materialized** as expected, contributing to uncertainty in future performance.  **[NSIT_3382204_12]**

01f93454472beb1a751531477c716e0f8a7840c55f982d7797ccaf9b5606b7fe

- **Pricing and profitability initiatives are performing as expected**, with management expressing satisfaction and confidence in their continued impact on margins.  **[NSIT_3373521_18]**
- **Hardware demand, especially devices, is expected to strengthen in the back half of the year**, with projections of **mid-single-digit growth**, contributing to overall revenue growth.  **[NSIT_3373521_10]**
- **Increased optimism in the commercial segment**, with clients showing interest in **device refresh cycles due to Windows 11 and AI PCs**, and a focus on **security solutions**, positioning NSIT well for future growth.  **[NSIT_3373521_8]**

7d48884c19f6c3ca230cbf4e317f8af9ac82d8b609c48140811b584f869568e3

- **Increasing Devices Revenue Expected:** **NSIT anticipates Devices revenue to strengthen throughout the year**, driven by a surge in device refresh cycles and growing discussions around **AI PCs**. This expected growth in the hardware segment indicates potential revenue expansion.  **[NSIT_3382204_13]**
- **Ongoing Profitability Initiatives Enhancing Margins:** The company is progressing with its **pricing and profitability initiatives**, leveraging **offshore capabilities** and recent acquisitions like **SADA, Amdaris, and Infocenter** to enhance profitability. There is still significant runway for improvement, suggesting sustained **margin expansion** in the future.  **[NSIT_3382204_15]**
- **Strategic Acquisition of Infocenter Boosts ServiceNow Capabilities:** NSIT's acquisition of **Infocenter** has dramatically enhanced its **ServiceNow capabilities**, adding significant value to its services offerings. Infocenter's **strong reputation**, **customer satisfaction**, and relationships with **Microsoft and Azure AI** are expected to act as a **force multiplier** for NSIT's growth.  **[NSIT_3382204_8]**

bedf85d0123f570c5b3063eb444db757bf4a793e8957fb31e23e30a9b3fb1896

- **Recent acquisitions are underperforming and dilutive to earnings**, indicating potential over-reliance on acquisitions for growth. **SADA was dilutive in the first half of the year** and will be accretive in the second half, but the company recognized that **earn-outs for exceptional performance will not be achieved**.  **[NSIT_3395664_7]** **[NSIT_3395664_3]**
- **Limited additional benefits from pricing and profitability initiatives**, suggesting that future gross margin expansion may be minimal. The company expects only **a little incremental value** from these initiatives going forward.  **[NSIT_3395664_17]**
- **Challenges persist in key segments**, with the **enterprise segment still being a bit challenged**, which could impact future revenues.  **[NSIT_3395664_19]**  Additionally, the company's **generative AI initiatives are not yet meaningful financially**, as they are "not meaningful from a financial point of view yet".  **[NSIT_3395664_19]**

8b5c7aea6336f9489e26d85e5e137ce3f86b3840b301e798e933e8790fd58443

- **Strong cloud gross profit growth of 32%**, indicating success in strategic focus areas like cloud, data, and AI.  **[NSIT_3405054_7]**
- **Recent acquisitions are performing well**, enhancing services capabilities and leading to increased cross-selling opportunities and client relevance.  **[NSIT_3405054_8]**
- **Two consecutive quarters of growth in commercial clients**, which typically precedes broader market recovery in enterprise and corporate segments.  **[NSIT_3405054_8]**

bac7cd545f3016eb4bb8ccf2adc87732b1f61ccfcd263aeb847f8404eafd5033

Insight Enterprises Inc (NSIT)

Financials